FORMER Sembcorp Industries chief executive Tang Kin Fei is the new chairman of coal-mining group Manhattan Resources, in a board shake-up announced on Tuesday.

In the midst of a raging pandemic, Belal Bilto, 26, a sales executive and a Manhattan resident bought a midsize pickup Jeep Gladiator this month for just over US$48,000, lured by a discount of about US$5,000 on the list price and a seven-year, no-interest loan.

MANHATTAN Resources has narrowed its second quarter net loss to S$895,000, from S$1.8 million a year ago, on the back of cost cuts after it disposed its vessels last year.

MAINBOARD-LISTED Manhattan Resources is proposing a debt conversion and share issue exercise that would hand a 61.9 per cent stake in the enlarged share capital of the firm to two creditors, both of which are entities owned by chief executive Low Yi Ngo and his family members.

AN increase of S$6.7 million in trade and other payables for fiscal year 2018 was mainly due to its subsidiaries securing longer trade credit terms, as well as accrued expenses, the Singapore-listed coal shipping firm said in response to queries by the Singapore Exchange.